August082013

like i do forex trading online (ETORO) and if i hit a profit of 200,000$ and deposit it to my bank using paypal, will they ask me where did you get the money and how can i show them that i trade onlnie sitting at home?

goldsenze.com Answer:

You only pay capital gains tax on whatever profit you’ve made. I don’t trade online, but this information can presumably be downloaded somewhere from the website as well as your entire transaction history. This is paid annually. Don’t the companies you invest in mail you a statement for tax purposes?

July292013

FAQ: How much money should you have in your FOREX acount in order to earn an income?

I am planning to add funds to my online FOREX account and I am wondering what would be the appropriate amount of money to start off with in the account to where I can generate enough revenue to earn an income off my profits. I know you need at least $ 1000 just to play in the market but that amount is not enough to make money on. What would I need to have in my account to where I can start compounding the little profits that I make here and there?

Answer:

Earning a living with Forex is dependent on three factors. First, your starting account balance. Second, your actual performance level. And third, your living requirements.

If you are opening an account with $ 500…the answer is no…you will not be able to make a living at Forex. Even $ 1000, $ 5000, $ 10,000 or $ 25,000 would not be enough of an initial account size to make a comfortable living in the Forex market.

The next area of importance is your skill as a Forex trader or the effectiveness of the strategy that you follow. If you are a 50/50 trader and win on half of your trades and lose the other half you cannot make a living at Forex. If you have the time, the patience, the discipline and the knowledge to make at least 20 pips in 4 out of 5 days of daily trading you may have a good shot at making a living from the Forex market.